Stephens Reaffirms “Equal Weight” Rating for Atlassian (NASDAQ:TEAM)

Atlassian (NASDAQ:TEAM)‘s stock had its “equal weight” rating reiterated by research analysts at Stephens in a research note issued on Monday,Benzinga reports. They presently have a $255.00 target price on the technology company’s stock. Stephens’ price objective would suggest a potential upside of 28.55% from the stock’s current price.

A number of other brokerages have also weighed in on TEAM. Robert W. Baird upgraded Atlassian from a “neutral” rating to an “outperform” rating and reduced their price objective for the stock from $320.00 to $255.00 in a research report on Monday. Raymond James reissued an “outperform” rating and set a $330.00 target price (up previously from $250.00) on shares of Atlassian in a research report on Friday, January 31st. JMP Securities reaffirmed a “market perform” rating on shares of Atlassian in a research report on Friday, January 31st. Canaccord Genuity Group raised their target price on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Finally, Cantor Fitzgerald upgraded shares of Atlassian from a “neutral” rating to an “overweight” rating and dropped their target price for the company from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Seven investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $300.00.

Atlassian Trading Up 0.2 %

Shares of Atlassian stock opened at $198.37 on Monday. The company has a market capitalization of $51.97 billion, a price-to-earnings ratio of -148.04 and a beta of 1.07. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The business has a fifty day simple moving average of $251.13 and a two-hundred day simple moving average of $241.80. Atlassian has a 1 year low of $135.29 and a 1 year high of $326.00.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Research analysts forecast that Atlassian will post -0.34 EPS for the current year.

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $322.31, for a total value of $2,561,719.88. Following the completion of the sale, the chief executive officer now owns 270,232 shares in the company, valued at approximately $87,098,475.92. The trade was a 2.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Gene Liu sold 568 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $312.08, for a total transaction of $177,261.44. Following the transaction, the chief accounting officer now owns 52,142 shares in the company, valued at approximately $16,272,475.36. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 255,085 shares of company stock valued at $66,725,482. 38.55% of the stock is currently owned by insiders.

Institutional Trading of Atlassian

Several hedge funds and other institutional investors have recently made changes to their positions in TEAM. Corebridge Financial Inc. lifted its stake in shares of Atlassian by 0.3% during the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock worth $2,555,000 after buying an additional 35 shares during the period. GeoWealth Management LLC lifted its position in Atlassian by 26.8% during the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock worth $44,000 after acquiring an additional 38 shares during the period. Assetmark Inc. grew its stake in Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock valued at $43,000 after purchasing an additional 41 shares during the last quarter. Allworth Financial LP grew its stake in Atlassian by 3.1% during the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after purchasing an additional 47 shares during the last quarter. Finally, True Wealth Design LLC raised its stake in shares of Atlassian by 21.6% in the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company’s stock worth $69,000 after purchasing an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.